Relates to geothermal renewable energy credits

This bill creates a new program in New York that requires electricity providers to purchase and retire tradeable geothermal renewable energy credits to support the adoption of geothermal heating and cooling systems. The legislation establishes a geothermal portfolio standard that will gradually increase the percentage of credits providers must acquire, starting at 0.1% in 2027 and reaching 2% by 2032, with a potential increase to 3% after a review. These credits are issued for eligible geothermal installations placed in service after January 1, 2026, and providers who fail to meet the requirement must pay an alternative compliance fee that decreases over time. The bill also creates a dedicated geothermal fund to receive these compliance payments, which will be used for geothermal deployment, workforce training, and low- and moderate-income installations.